Question 1

Determine the current assets.

Accepted Answer

A)   $23,030
B)   $10,330
C)   $21,930
D)   $8,630E) A) and B)
F) B) and C)

Question 2

The balance sheet accounts are referred to as real or permanent accounts.

Accepted Answer

A) True 
 B)False

Question 3

Indicate whether each of the following would be reported in the financial statements as a (a)current asset,(b)current liability,(c)revenue,or (d)expense:

Accepted Answer

The answer of Indicate whether each of the following would...

Question 4

Accrued taxes payable are generally reported on the balance sheet as a current liability.

Accepted Answer

A) True 
 B)False

Question 5

Determine the retained earnings ending balance.

Accepted Answer

A)   $12,150
B)   $15,730
C)   $6,480
D)   $21,400E) None of the above
F) C) and D)

Question 6

Which of the following has steps of the accounting cycle in proper sequence (some steps may be missing) ?

Accepted Answer

A)   analyze and record transactions,post transactions to the ledger,prepare a trial balance,prepare financial statements,journalize closing entries,analyze adjustment data and prepare adjusting entries
B)   prepare a trial balance,analyze adjustment data,prepare adjusting entries,prepare financial statements,journalize closing entries and post to the ledger,analyze and record transactions,post transactions to the ledger
C)   analyze and record transactions,post transactions to the ledger,prepare a trial balance,analyze adjustment data,prepare adjusting entries,prepare financial statements,journalize closing entries and post to the ledger,and prepare a post-closing trial balance
D)   prepare financial statements,journalize closing entries and post to the ledger,analyze and record transactions,post transactions to the ledger,prepare a trial balance,analyze adjustment data,prepare adjusting entriesE) None of the above
F) A) and B)

Question 7

A end-of-period spreadsheet heading is dated for a period of time.

Accepted Answer

A) True 
 B)False

Question 8

The end-of-period spreadsheet is not considered a part of the formal accounting records.

Accepted Answer

A) True 
 B)False

Exam 4: Completing the Accounting Cycle

Accrued taxes payable are generally reported on the balance sheet as a current liability.

Correct Answer
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Determine the retained earnings ending balance.

Correct Answer
verified

Determine the current assets.

Correct Answer
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The end-of-period spreadsheet is not considered a part of the formal accounting records.

Correct Answer
verified

The balance sheet accounts are referred to as real or permanent accounts.

Correct Answer
verified

Indicate whether each of the following would be reported in the financial statements as a (a)current asset,(b)current liability,(c)revenue,or (d)expense:

Correct Answer
verified

Which of the following has steps of the accounting cycle in proper sequence (some steps may be missing) ?

Correct Answer
verified

A end-of-period spreadsheet heading is dated for a period of time.

Correct Answer
verified

Exam 4: Completing the Accounting Cycle

Accrued taxes payable are generally reported on the balance sheet as a current liability.

Correct AnswerverifiedShow Answer

Determine the retained earnings ending balance.

Correct AnswerverifiedShow Answer

Determine the current assets.

Correct AnswerverifiedShow Answer

The end-of-period spreadsheet is not considered a part of the formal accounting records.

Correct AnswerverifiedShow Answer

The balance sheet accounts are referred to as real or permanent accounts.

Correct AnswerverifiedShow Answer

Indicate whether each of the following would be reported in the financial statements as a (a)current asset,(b)current liability,(c)revenue,or (d)expense:

Correct AnswerverifiedShow Answer

Which of the following has steps of the accounting cycle in proper sequence (some steps may be missing) ?

Correct AnswerverifiedShow Answer

A end-of-period spreadsheet heading is dated for a period of time.

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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